Large holders of bitcoin $BTC (whales) are maintaining their positions while the coin's price continues to fluctuate below the $100,000 mark, writes Cointelegraph.
"Although there is currently no obvious selling pressure, the increase in the inflow of bitcoins to exchanges highlights a potential risk of future sell-offs," noted a CryptoQuant expert in an analytical note. "Therefore, these movements should be monitored closely to predict possible impacts on the market."
The analyst noted a significant inflow of bitcoins to cryptocurrency exchanges since Donald Trump's victory in the U.S. presidential election on November 5. While large transfers to exchanges typically signal to market participants an impending sell-off, this is not observed in this case, suggesting that whales are taking a wait-and-see approach.
Typically, during bullish market periods, traders tend to hold bitcoin as long as they believe in further short-term growth before switching to other crypto assets. Bitcoin's dominance suggests that this rotation may be underway: BTC dominance has fallen by 5.54% since November 28, according to TradingView data.#2024withBinance
